US to boost ASEAN energy transition spending

: Crude oil, Natural gas
22/05/12

US president Joe Biden will announce $150mn in new US spending in southeast Asia to promote development of renewable energy and infrastructure, as well as maritime security, when he hosts leaders of ten ASEAN nations on Friday.

The spending package includes $40mn in development finance that could unlock up to $2bn in private investment in southeast Asian power systems, increasing regional energy trade, and accelerating the deployment of clean energy technologies, a senior US official said. The Biden administration will also launch a "climate solutions hub" to provide technical assistance to ASEAN members — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — in implementing their emissions goals set under the Paris climate accord.

The White House is hosting ASEAN leaders for the first time as part of an overall strategy to meet what US officials describe as China's growing assertiveness in the region. But publicly at least, the White House is steering clear of positioning its cooperation with ASEAN as a counterweight to China. "Obviously, China is an important player in the region," the official said. "We have said bilaterally and in our engagements that we are not asking countries to make a choice between the US and China."

Biden is also announcing $60mn in spending on maritime initiatives, including on US Coast Guard personnel to be stationed in the region to provide training to ASEAN members.

The spending is separate from the yet-to-be formalized Build Back Better World proposal for infrastructure spending in emerging economies that the US is positioning as an alternative to China's Belt and Road Initiative. US officials have been visiting countries in the southeast Asia and elsewhere to gauge interest in the Build Back Better World initiatives, and "there are continued efforts on that front."

The Biden administration has signaled that it has no plans to rejoin the Trans-Pacific Partnership trade agreement negotiated by former president Barack Obama's administration, or the China-focused "Regional Comprehensive Economic Partnership" trade agreement. Many of the ASEAN members are parties to both trade agreements.

The US instead is working on an "Indo-Pacific Economic Framework" to address some of the trade and investment issues, but the proposal is not expected to be presented during the ASEAN summit.

By Haik Gugarats

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25/03/06

Brazil oil sector sees opportunity in US tariffs

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Algeria's Feb crude exports up nearly a third

25/03/06

Algeria's Feb crude exports up nearly a third

London, 6 March (Argus) — Exports of Algerian crude grade Saharan Blend jumped sharply last month, driven by a rise in demand from French refineries. Total exports of the light sweet crude rose by 31pc on the month to around 445,000 b/d in February, according to Argus tracking data. Loadings in January were just 341,000 b/d, the lowest level since November 2022. Some 348,000 b/d of February-loading Saharan Blend was shipped to northwest Europe and the Mediterranean, up by 26pc compared with January. Around a third went to France alone, while Ireland took its first cargo of Saharan Blend since June 2018. Loadings to France surged to 111,000 b/d in February after hitting a multi-year low of 20,000 b/d in January. Spring refinery maintenance in France is light this year, leading to a total of nearly 980,000 b/d of crude arriving in January-February, up from an intake of 850,000 b/d in the same two-month period last year, Vortexa data show. The increased interest for Saharan Blend from France's refineries last month coincided with a drop in deliveries of Nigerian grades. Around 112,000 b/d of Nigerian crude arrived at French ports in February, down by 35pc from January, according to Vortexa. The boost in French demand supported Saharan Blend price differentials in January, when most February-loading cargoes traded. The grade was assessed at an average premium of 97¢/bl to the North Sea Dated benchmark in January, up from a 36¢/bl premium in the previous month. Exports of Saharan Blend to Asia-Pacific jumped by 86pc on the month to 72,000 b/d in February, after a 2mn bl cargo loaded onto a VLCC for South Korea. January-loading exports to the region comprised just one Suezmax-sized shipment to India. Loadings to the Americas inched down by 3pc on the month to reach 25,000 b/d in February. Just one cargo went transatlantic in both January and February, after a hiatus in December. By Melissa Gurusinghe Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

LNG truck loadings slide at Gate, Elengy terminals

25/03/06

LNG truck loadings slide at Gate, Elengy terminals

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Iraq eyes gasoil imports to alleviate power shortage

25/03/06

Iraq eyes gasoil imports to alleviate power shortage

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Canada can still play oil, gas card: Foreign minister

25/03/06

Canada can still play oil, gas card: Foreign minister

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